5. The terms of the [callable certificates of deposit (CCDs)] were usually for extended maturities of 15 or 20 years. These products typically offered customers a higher interest rate for the first year, and the rate "stepped down" to a lower rate (usually 1% to 2% lower) for the remaining term. The CCDs varied in terms of how often they paid interest; there was a monthly payout on some CCDs, and a semi-annual payout on others. The CCDs also offered a death put redemption clause, which meant that in the event the CCD holder died, the CCD was redeemable for its full (par) value by the heirs of the deceased. Most of the CCDs were callable by the issuing institutions after a one-year period, and then for every six months thereafter. The CCDs were FDIC-insured up to $100,000 per institution.